Salary paid to son not disallowable for want for qualification if due to his efforts receipts of business has increased IN THE ITAT CHANDIGARH BENCH ‘A’ Shiv Kumar v. Assistant Commissioner of Income-tax BHAVNESH SAINI, JUDICIAL MEMBER AND T.R. SOOD, ACCOUNTANT MEMBER IT APPEAL NO. 684 (CHD.) OF 2012 [ASSESSMENT YEAR 2008-09] MAY 25, 2015… Read More »
Whether Assessee should deduct TDS on Compensation paid to evacuate slum dwellers ? To implement road widening scheme of Government, assessee evacuated illegal/unauthorised persons in form of squatters/hutments for which assessee paid certain compensation, provisions of sections 194L/194LA would not apply Detailed Analysis of full Judgement on the subject : TDS on Compensation paid to evacuate slum… Read More »
Govt. notifies provisions of FATCA entered with USA; effective from August 31, 2015
Charitable Institutions and Income Tax act 1961 Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public charitable trusts or other legal obligations, [Section 11/ 12A]… Read More »
Whether Payment made to purchase negative rights of films on perpetual basis attract TDS under section 194J ? Summary of the Case on TDS on purchase of negative rights of films: Section :194J, read with section 40(a)(ia), of the Income-tax Act, 1961 Subject :Deduction of tax at source on Fees for professional or technical services (Film… Read More »
Form No 15G and Form No 15H KEY CHANGES: -Form No 15G and Form No 15H can be e filed -Payee to Specify no of Form No 15G and Form No 15H filed during the year – Payer/Deductor will allot unique identification number to each declaration received by him in Form No 15G and Form No 15H… Read More »
An unlisted company accepted share application money on 15 March 20X2 for allotment of shares. The terms with shareholders provide that share application money shall not be refunded. Shares could not be allotted as at the year ending 31 March 20X2. Now the company is finalizing its financial statements as at 1 Sept 20X2 and… Read More »
Q : Whether there is any liability of service tax on entrance fee collected by Club from its member ? Where collection of entrance fee by club from its members : (a) did not confer members any access to services, facilities or advantages; and (b) was to meet expenses necessary for sustenance and survival of club and… Read More »
whether Interest on FDRs made out of customer advances wasn’t income from other sources if same was reduced from WIP ? Where a construction company, received bank interest on FDRs which were made out of advances received from customers, even if construction was not complete during current year interest income could not be treated as… Read More »
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA. 348 /2015-RB Dated: September 25, 2015 Foreign Exchange Management (Regularization of… Read More »